Guideline Value for WEST C.I.T. 3RD MAIN 2ND STREET

West C.I.T. 3rd Main 2nd Street guideline value

The current guideline value of West C.I.T. 3rd Main 2nd Street is Rs 9,350 per sq.ft, effective from 1 July 2024. This street is located in the Government farm village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of West C.I.T. 3rd Main 2nd Street has changed

The guideline value of West C.I.T. 3rd Main 2nd Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 8,500 per sq.ft. This figure remained the same until 2017, when it decreased to Rs 5,695 per sq.ft, marking a decline of 33%. In 2023, the value increased significantly to Rs 8,500 per sq.ft, and in the latest 2024 revision, it rose to Rs 9,350 per sq.ft, reflecting a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is a modest increase of 10%. Additionally, the jump from Rs 5,695 per sq.ft in 2017 to Rs 8,500 per sq.ft in 2023 represents a substantial increase of 49%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Government farm

In the Government farm village, there are 35 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 3,850 to Rs 15,400 per sq.ft. The median guideline value for these streets is Rs 8,250 per sq.ft, placing West C.I.T. 3rd Main 2nd Street's 2024 figure above this median.

• West C.I.T. 3rd Main 1st Street: Rs 9,350 per sq.ft (2024)
• West C.I.T. Nagar 1st Cross Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 1st Main Road: Rs 11,000 per sq.ft (2024)
• West C.I.T. Nagar 1st Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 2nd Cross Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 2nd Main Road: Rs 9,350 per sq.ft (2024)

Stamp duty and registration fee for property in West C.I.T. 3rd Main 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,350 per sq.ft, the total guideline value would be Rs 93,50,000. The stamp duty, calculated at 7%, would amount to Rs 6,54,500, while the registration fee at 2% would be Rs 1,87,000. Together, these fees would total Rs 8,41,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers West C.I.T. 3rd Main 2nd Street?

The Sub Registrar Office that covers West C.I.T. 3rd Main 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Government farm

The guideline value is a crucial factor when registering property transactions in Government farm. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers must ensure that the transaction adheres to the guideline values set by the registration department.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that all transactions are conducted fairly and transparently, in line with the established values.

Frequently asked questions

What is the current guideline value for West C.I.T. 3rd Main 2nd Street?

The current guideline value for West C.I.T. 3rd Main 2nd Street is Rs 9,350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,500 per sq.ft in 2012 to Rs 5,695 per sq.ft in 2017, then to Rs 8,500 per sq.ft in 2023, and finally to Rs 9,350 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 93,50,000, the stamp duty would be Rs 6,54,500 and the registration fee would be Rs 1,87,000, totaling Rs 8,41,500.

Which Sub Registrar Office handles the registration for this street?

The Chennai South Joint I Sub Registrar Office handles the registration for West C.I.T. 3rd Main 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the median guideline value for streets in Government farm?

The median guideline value for streets in Government farm is Rs 8,250 per sq.ft, with West C.I.T. 3rd Main 2nd Street's 2024 figure being above this median.